Bankruptcy Legislation Amendment (Debt Agreements) Bill 2007

Summary

Amends the Bankruptcy Act 1966 in relation to the operation of debt agreements under Part IX by providing for: the registration of administrators; proportional payments under an agreement to administrators and creditors; debtors’ proposals to be accepted by a majority in value of creditors; mechanisms to deal with defaulting debtors; and clarifying the operation of the Act in relation to: deregistered administrators; debts covered by an agreement; treatment of secured creditors; and investigative powers of the Inspector-General in Bankruptcy.

Transcript of speeches

Proposed amendments

Schedules of amendments

Notes

An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)

Helpful information

Text of bill

First reading: Text of the bill as introduced into the Parliament

Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.

As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.

Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.

Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.